Glory Star Announces the Commercial Application of Blockchain Technology in CHEERS Video Application and CHEERS E-Mall
BEIJING, April 6, 2021 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading mobile and online digital media and entertainment company in China, today announced that it has integrated the commercial application of blockchain technology into its CHEERS Video application and CHEERS e-Mall, as a result of its strategic deployment and R&D investment in blockchain technology, which began in 2019.
With the rise of the digital economy, new forms such as digital payments, online videos, online music, e-books, online games, and other online content and products are replacing their traditional models and becoming a mainstream on their markets, thus making the protection of intellectual property ("IP") a top priority. Blockchain technology can be utilized as a trusted platform for verifying the authenticity of IP ownership. Notably, blockchain technology has already played an essential role in technological innovation and industrial transformation, paving the way for major breakthroughs and developments in the field of digital assets and digital rights management.
Glory Star has utilized blockchain technology in developing its digital copyright management platform. This platform will allow creators a means to manage its digital copyright assets throughout the entire digital-related transaction process from digital asset registry, validation, rights confirmation, and verification. In addition, the Company has launched its internally developed digital copyright trading system, SaaS system, and blockchain credits platform on its CHEERS Video app and CHEERS e-Mall. The Company expects these new products to further improve the efficiency of digital copyright transactions and reduce intermediary costs.
Looking ahead, the Company plans to utilize its competitive advantages in research and development in the blockchain technology to empower small- to medium-sized enterprises in the fields of mobile internet and 5G, and to improve the application and development of blockchain technology in several different fields, including digital assets, digital payments, digital rights, and e-commerce.